Mozo Review Beyond Bank Low Rate Special Variable Home Loan Review

Last updated: 31 August 2018.

What's hot:

Variable rates starting from 3.79% (3.79% comparison rate)

No ongoing fees

Free extra repayments and redraw facility

What's not:

$350 discharge fee

Mozo snapshot:

Beyond Bank goes beyond the norm with its Special Rate Variable Home Loan that offers enticing variable rates from 3.79% (3.79% comparison rate). There are no upfront or ongoing fees and plenty of flexible features like their free extra repayments and redraw facility that can help you pay off your loan earlier. However, ending the loan either by refinancing or paying it off will come with a $350 discharge fee.

Key features:

The Beyond Bank Low Rate Special Variable Home Loan has principal and interest options for both owner occupiers and investors. On top of this, investors will also be able to get an interest only home loan.

If you borrow up to 80% of the property's value for a loan between $150,000-$2,000,000, you may be eligible for Beyond Bank's super low 3.79% variable interest rate (3.79% comparison rate) on its Special Rate Variable Home Loan. The special rate is available to first home buyers and owner occupiers that make principal and interest repayments.

With the Special Rate Variable Home Loan you'll receive a great range of features, including a 100% offset account, extra repayments and a redraw facility (min $500 redraw).

And what makes the Special Rate Variable Home Loan a true winner is the lack of fees, as there's ongoing fees, no upfront fees and no valuation fee. Just make sure you budget for the $350 discharge fee that you'll have to pay at the end of the home loan period.

Tech-savvy? Then apply online and Beyond Bank promises a quick response within 2 hours (between 7am to 10pm weekdays and 9am to 10pm on weekends).

Who it's good for:

Any catches?

Keep in mind, the special rate of 3.73% is only available for owner occupier, principal and interest loans up to 80% LVR. Owner occupier, principal and interest loans with LVR's between 80% and 90% come with a 4.35% interest rate (4.36 comparison rate).

Details

Rates and fees information correct as at 19 December 2018. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Rates

Variable rate

3.79% p.a.

Intro rate

n/a

Intro rate term

0 Months

Intro rate type

none

Comparison Rate*

3.79% p.a.

Fixed 1 year rate

n/a

Fixed 2 year rate

n/a

Fixed 3 year rate

n/a

Fixed 4 year rate

n/a

Fixed 5 year rate

n/a

Fixed 7 year rate

n/a

Fixed 10 year rate

n/a

Fixed loan revert rate

n/a

Fees

Application fee

$0.00

Legal fee

$0.00

Valuation fee

$0.00

Settlement fee

$0.00

Other upfront fee (% of loan)

none

Service fee

$0.00

Discharge fee

$350.00

Other financial bits

Minimum loan amount

$150,000

Maximum loan amount

none

Minimum LVR

none

Maximum LVR

80.00%

Features

Availability

Owner Occupier

Repayment Type

Principal & Interest

Repayment Frequency

Weekly, Fortnightly, Monthly

Extra repayments

yes - free

Repayment holidays

yes

Redraw facility

yes - free

Minimum redraw amount

$500.00

Split account

no

Offset account

yes

Other restrictions

none

Other benefits

none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 19 December 2018. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Rates

Variable rate

4.35% p.a.

Intro rate

n/a

Intro rate term

0 Months

Intro rate type

none

Comparison Rate*

4.36% p.a.

Fixed 1 year rate

n/a

Fixed 2 year rate

n/a

Fixed 3 year rate

n/a

Fixed 4 year rate

n/a

Fixed 5 year rate

n/a

Fixed 7 year rate

n/a

Fixed 10 year rate

n/a

Fixed loan revert rate

n/a

Fees

Application fee

$0.00

Legal fee

$0.00

Valuation fee

$0.00

Settlement fee

$0.00

Other upfront fee (% of loan)

none

Service fee

$0.00

Discharge fee

$350.00

Other financial bits

Minimum loan amount

$150,000

Maximum loan amount

none

Minimum LVR

80.00%

Maximum LVR

90.00%

Features

Availability

Owner Occupier

Repayment Type

Principal & Interest

Repayment Frequency

Weekly, Fortnightly, Monthly

Extra repayments

yes - free

Repayment holidays

yes

Redraw facility

yes - free

Minimum redraw amount

$500.00

Split account

no

Offset account

yes

Other restrictions

none

Other benefits

none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 19 December 2018. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Rates

Variable rate

4.55% p.a.

Intro rate

n/a

Intro rate term

0 Months

Intro rate type

none

Comparison Rate*

4.56% p.a.

Fixed 1 year rate

n/a

Fixed 2 year rate

n/a

Fixed 3 year rate

n/a

Fixed 4 year rate

n/a

Fixed 5 year rate

n/a

Fixed 7 year rate

n/a

Fixed 10 year rate

n/a

Fixed loan revert rate

n/a

Fees

Application fee

$0.00

Legal fee

$0.00

Valuation fee

$0.00

Settlement fee

$0.00

Other upfront fee (% of loan)

none

Service fee

$0.00

Discharge fee

$350.00

Other financial bits

Minimum loan amount

$150,000

Maximum loan amount

$2,000,000

Minimum LVR

none

Maximum LVR

90.00%

Features

Availability

Investor

Repayment Type

Principal & Interest

Repayment Frequency

Weekly, Fortnightly, Monthly

Extra repayments

yes - free

Repayment holidays

yes

Redraw facility

yes - free

Minimum redraw amount

$500.00

Split account

yes

Offset account

yes

Other restrictions

none

Other benefits

none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 19 December 2018. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Rates

Variable rate

4.85% p.a.

Intro rate

n/a

Intro rate term

0 Months

Intro rate type

none

Comparison Rate*

4.86% p.a.

Fixed 1 year rate

n/a

Fixed 2 year rate

n/a

Fixed 3 year rate

n/a

Fixed 4 year rate

n/a

Fixed 5 year rate

n/a

Fixed 7 year rate

n/a

Fixed 10 year rate

n/a

Fixed loan revert rate

n/a

Fees

Application fee

$0.00

Legal fee

$0.00

Valuation fee

$0.00

Settlement fee

$0.00

Other upfront fee (% of loan)

none

Service fee

$0.00

Discharge fee

$350.00

Other financial bits

Minimum loan amount

$150,000

Maximum loan amount

none

Minimum LVR

none

Maximum LVR

80.00%

Features

Availability

Investor

Repayment Type

Interest Only

Repayment Frequency

Weekly, Fortnightly, Monthly

Extra repayments

yes - free

Repayment holidays

yes

Redraw facility

yes - free

Minimum redraw amount

$500.00

Split account

yes

Offset account

yes

Other restrictions

none

Other benefits

none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Pleasing

You will receive an initial response within 2hours

"You will receive an initial response within 2 hours" and the summary of application states that...

Read full review

"You will receive an initial response within 2 hours" and the summary of application states that will receive response in 2 days. Are these true? Of course not. If you can't do it, don't print it on website. You're running business, not jokes. Maybe the lending reps are too busy? 10 days since I lodged special home loan rate 4.59% application online, no one contacted me about the status of application. Well, I cancelled the application.

Price

8/10

Features

7/10

Customer service

0/10

Convenience

0/10

Trust

0/10

Less

Howard | Victoria

reviewed almost 4 years ago

Overall

10/10

Great customer service and great rates too

Beyond Banks is beyond helpful - they are almost like friends!

Read full review

Beyond Banks is beyond helpful - they are almost like friends!

Price

10/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Elizabeth | South Australia

reviewed over 4 years ago

Overall

9/10

Rates good and staff pleasant

Flexible and easy to understand. Staff friendly and efficient

Read full review

Flexible and easy to understand. Staff friendly and efficient

Price

9/10

Features

9/10

Customer service

9/10

Convenience

8/10

Trust

9/10

Less

Greg | South Australia

reviewed over 6 years ago

Beyond Bank

About Beyond Bank

Beyond Bank, formerly Community CPS, is one of Australia's largest customer owned banks. Based in South Australia, Beyond Bank operates more than 46 branches across the country. Beyond Bank offers a wide range of banking and financial products including home loans, credit cards, savings accounts, term deposits, bank and and business accounts, and personal loans. The winning combination of great products and local service has helped Beyond Bank win many industry awards, including Best Credit Union in the Mozo People's Choice Awards 2012.

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Rate & Review

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